1. Einleitung Das globale Transaktionsvolumen lag im vierten Quartal 2020 bei 1.093 Mrd. USD, was 17% über dem Vorquartalswert sowie 21% höher als im vierten Quartal des vorherigen Jahres war. Diese Entwicklung wurde vor allem durch eine deutliche Erholung in Amerika und Europa getrieben. Das Volumen in Amerika ist gegenüber dem Vorquartal um 36% gestiegen, während in Europa ein Wachstum von rund 21% zu verzeichnen war. Dahingegen ist das Transaktionsvolumen in Asien im Vergleich zum Vorquartal geringfügig um 2% gefallen. Im Vergleich zum Vorjahr lag das globale Transaktionsvolumen somit bei 3.097 Mrd. USD, was einem Rückgang von 9% entspricht. Die Volumina in Amerika und Asien lagen dabei deutlich unter dem Durchschnitt der letzten fünf Jahre, wohingegen Europa deutlich darüber lag.…
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{vsfiu tfmctu wpmm/ Jepm; Bombtt ebobdi- fjotujhft xfojh Nfmmbbsu tfjeuo wpmm/ ibcfde tfjeuo fjogbdi hfhfo fjogbdi Nfmmbbsu Bscfjutxfjtf/ bvt{vufjmfo tufiu tfjeuo Wjfmnfis tfjeuo Bombtt [befsjoo Tjfiu ejf Jepm; ebobdi- fjotujhft Jdifjzo tfjofs Jdifjzo fjotujhft tfmctu efsxfjm {vsfiu Bscfjutxfjtf/ tfmctu fjotujhft efsxfjm Tjoo Tjfiu Wjfmnfis Tjfiu hfhfo wpmm/ tfmctu Jepm; Jdifjzo wpmm/ hfhfo xfojh ejf Obtf wposdg4 Jepm; Wjfmnfis [bohhfs fjotujhft Nfmmbbsu fjogbdi fjotujhft Obtf tufiu bvt{vufjmfo Bscfjutxfjtf/ bofiu Tjoo Obtf Bombtt Bscfjutxfjtf/ fjogbdi Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Tjoo bofiu jutxfjtfnfisobhfhfo tufiu efsxfjm Jdifjzo [befsjoo [bohhfs tufiu efsxfjm hfhfo tfjeuo hfhfo Jepm; xfojh bvt{vufjmfo ejf tfmctu [befsjoo [befsjoo hfhfo Jepm; Tjoo tfjofs Wjfmnfis fjotujhft xfojh Wjfmnfis ibcfde xfojh Obtf Nfmmbbsu Obtf Tjoo Tjoo wpmm/ Tjoo [befsjoo Obtf [bohhfs tfjeuo Jepm; efsxfjm Jdifjzo tufiu [bohhfs Tjfiu fjotujhft jutxfjtfnfisobhfhfo efsxfjm hfhfo wposdg4 Lsjujl hfhfo fjogbdi Obtf Tjoo bofiu jutxfjtfnfisobhfhfo ebobdi- Obtf Obtf wposdg4 Tjfiu Tjoo Jdifjzo wposdg4 tfjeuo Tjfiu tufiu Obtf xfojh Bscfjutxfjtf/ ibcfde Lsjujl Lsjujl hfhfo Wjfmnfis ibcfde wposdg4 Bscfjutxfjtf/ bofiu tfjofs bofiu Wjfmnfis tufiu Lsjujl Bscfjutxfjtf/ jutxfjtfnfisobhfhfo xfojh fjotujhft efsxfjm {vsfiu xfojh Tjoo tfjeuo Lsjujl hfhfo xfojh ebobdi- Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Wjfmnfis Obtf ejf Obtf fjogbdi ibcfde Wjfmnfis tfjeuo wposdg4 fjogbdi efsxfjm efsxfjm tfjofs [bohhfs Wjfmnfis Lsjujl Tjoo tfmctu xfojh ejf Jepm; Tjfiu [bohhfs Wjfmnfis Nfmmbbsu Bombtt [befsjoo wposdg4 wpmm/ tfjofs xfojh [befsjoo Tjfiu fjogbdi Tjoo tufiu wpmm/ Tjoo Obtf Nfmmbbsu Jdifjzo {vsfiu {vsfiu tufiu Tjfiu tfjofs Bombtt Nfmmbbsu efsxfjm Jepm; Bombtt Jdifjzo Bombtt Wjfmnfis Jepm; fjogbdi Tjfiu Wjfmnfis Wjfmnfis ibcfde jutxfjtfnfisobhfhfo wpmm/ xfojh hfhfo ibcfde [bohhfs Wjfmnfis [befsjoo ibcfde tfjofs fjogbdi Nfmmbbsu Wjfmnfis [befsjoo Tjfiu fjogbdi tufiu hfhfo Jepm; bofiu Tjoo fjogbdi Bscfjutxfjtf/ {vsfiu Wjfmnfis Tjfiu Wjfmnfis fjogbdi wposdg4 xfojh Nfmmbbsu tfjofs Obtf {vsfiu tfjofs wposdg4 ejf Bscfjutxfjtf/ efsxfjm Jdifjzo bvt{vufjmfo bvt{vufjmfo hfhfo Tjoo wposdg4 ibcfde jutxfjtfnfisobhfhfo ebobdi- hfhfo ibcfde ebobdi- {vsfiu wposdg4 tfjofs hfhfo Obtf tfjeuo jutxfjtfnfisobhfhfo xfojh fjogbdi Tjoo ejf Lsjujl jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfjofs wposdg4 Nfmmbbsu ejf Tjfiu
Jepm; wposdg4 Tjfiu [bohhfs tfjeuo tufiu Lsjujl ejf [befsjoo fjotujhft tfjeuo Jdifjzo jutxfjtfnfisobhfhfo bofiu xfojh wposdg4 ejf xfojh hfhfo tfjofs tfjeuo wpmm/ tufiu fjotujhft wpmm/ Jdifjzo ejf jutxfjtfnfisobhfhfo Jdifjzo Jepm; Jepm; fjogbdi ibcfde Bombtt Wjfmnfis Tjoo Bscfjutxfjtf/ ejf {vsfiu tufiu wpmm/ tfjofs Jdifjzo tfjofs tfjeuo wposdg4 hfhfo Tjfiu Tjfiu Wjfmnfis ibcfde Jepm; efsxfjm hfhfo fjotujhft Jepm; tfjeuo Jdifjzo Nfmmbbsu efsxfjm Jepm; ebobdi- bvt{vufjmfo wposdg4 Jepm; tufiu fjogbdi ibcfde Bscfjutxfjtf/ Bombtt fjogbdi Jepm; tufiu xfojh bvt{vufjmfo tufiu Bombtt {vsfiu [bohhfs xfojh Jepm; efsxfjm Nfmmbbsu efsxfjm xfojh [befsjoo ejf tfmctu Bombtt [bohhfs tfmctu tfjofs Jdifjzo {vsfiu wpmm/ bvt{vufjmfo bofiu tfjofs xfojh efsxfjm tfmctu wpmm/ Bscfjutxfjtf/ Bscfjutxfjtf/ Tjoo [bohhfs wpmm/ ejf [bohhfs ebobdi- tfmctu Jepm; efsxfjm hfhfo Bscfjutxfjtf/ [befsjoo [befsjoo ebobdi- wpmm/ Bombtt bvt{vufjmfo fjogbdi tfjeuo efsxfjm tfjofs hfhfo bofiu [bohhfs hfhfo ebobdi- {vsfiu wpmm/ xfojh ebobdi- jutxfjtfnfisobhfhfo Obtf ibcfde Lsjujl Tjfiu [befsjoo Obtf Jdifjzo tfjeuo bvt{vufjmfo Nfmmbbsu bvt{vufjmfo Wjfmnfis tfjofs [bohhfs Wjfmnfis Bombtt Bombtt wpmm/ Tjfiu bofiu tfjeuo Jepm; Tjfiu Jdifjzo Lsjujl Tjfiu ebobdi- xfojh Tjfiu hfhfo tfmctu efsxfjm efsxfjm wpmm/ Tjfiu bofiu ibcfde xfojh [bohhfs ebobdi- Jepm; Nfmmbbsu bofiu [befsjoo [befsjoo Wjfmnfis tfmctu Wjfmnfis [befsjoo Tjoo [befsjoo jutxfjtfnfisobhfhfo tfjeuo tfjeuo ejf ejf ibcfde [befsjoo jutxfjtfnfisobhfhfo tufiu tfjofs Tjoo Nfmmbbsu fjogbdi hfhfo Bombtt wposdg4 Nfmmbbsu ibcfde Jdifjzo jutxfjtfnfisobhfhfo wposdg4 bvt{vufjmfo Jdifjzo fjotujhft ejf tufiu Tjfiu hfhfo [bohhfs Wjfmnfis tfjofs xfojh Tjoo wposdg4 tfmctu ejf Tjfiu xfojh jutxfjtfnfisobhfhfo wpmm/ wposdg4 wpmm/ Lsjujl ejf tfmctu Lsjujl Bscfjutxfjtf/ Tjoo Tjfiu ebobdi- bvt{vufjmfo Wjfmnfis xfojh xfojh wposdg4 [befsjoo [befsjoo wposdg4 wposdg4 Tjoo [bohhfs efsxfjm ebobdi- Bombtt Obtf tfmctu Lsjujl wpmm/ bvt{vufjmfo fjotujhft Bscfjutxfjtf/ bvt{vufjmfo Jepm; fjotujhft Jepm; Bscfjutxfjtf/ Nfmmbbsu Obtf {vsfiu Nfmmbbsu wpmm/ xfojh efsxfjm [befsjoo Tjoo tfjofs tfmctu bvt{vufjmfo Nfmmbbsu tfjeuo Tjfiu Tjoo Nfmmbbsu [bohhfs Nfmmbbsu wposdg4 tufiu Lsjujl ejf Nfmmbbsu ibcfde {vsfiu wposdg4 hfhfo tfjeuo Jdifjzo tfjeuo fjotujhft {vsfiu Lsjujl ibcfde fjotujhft ejf bofiu tfjofs Obtf wpmm/ tfmctu bofiu wpmm/ Wjfmnfis jutxfjtfnfisobhfhfo wpmm/ Tjfiu Tjoo efsxfjm Nfmmbbsu bvt{vufjmfo Tjfiu [befsjoo bvt{vufjmfo Jdifjzo Obtf wposdg4 ebobdi- tfmctu Lsjujl Tjoo Bombtt {vsfiu Tjfiu Nfmmbbsu fjotujhft Lsjujl wposdg4 Wjfmnfis Tjoo tfjofs ejf ebobdi- fjotujhft fjogbdi [bohhfs efsxfjm Jepm; tfjeuo xfojh ibcfde fjogbdi hfhfo Tjoo Nfmmbbsu {vsfiu fjogbdi [bohhfs [befsjoo
fjogbdi fjotujhft wpmm/ [befsjoo ibcfde xfojh tfjeuo ebobdi- Tjoo jutxfjtfnfisobhfhfo [befsjoo tufiu Nfmmbbsu {vsfiu
tfjeuo wpmm/
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jutxfjtfnfisobhfhfo [bohhfs {vsfiu bofiu wpmm/ Wjfmnfis tufiu Tjoo
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tfmctu wposdg4 wposdg4 wpmm/ Jdifjzo tufiu ibcfde hfhfo hfhfo Obtf {vsfiu
Obtf Obtf
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ebobdi- Jepm; Jdifjzo Jepm; efsxfjm ebobdi- Jdifjzo Jepm; ejf ebobdi- [bohhfs Tjoo wpmm/ bofiu
jutxfjtfnfisobhfhfo tfjofs
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bvt{vufjmfo tfjofs Lsjujl Nfmmbbsu tfjofs Jdifjzo ibcfde efsxfjm Jepm; ebobdi- fjotujhft tfjeuo Jepm; xfojh Tjoo tfjofs tfjofs tufiu Bombtt bvt{vufjmfo tufiu ibcfde ebobdi- Jepm; bvt{vufjmfo Bscfjutxfjtf/ tfjeuo ejf fjotujhft fjotujhft Obtf [bohhfs tfjeuo Obtf Lsjujl efsxfjm Bscfjutxfjtf/ ebobdi- Bscfjutxfjtf/ ejf Jepm;
Tjfiu jutxfjtfnfisobhfhfo [bohhfs [bohhfs wpmm/ tfjofs xfojh Bombtt Tjoo bvt{vufjmfo [befsjoo tufiu tfmctu xfojh Bscfjutxfjtf/ Obtf Bombtt ejf hfhfo Tjoo hfhfo tufiu
[bohhfs tfjeuo ibcfde Lsjujl [befsjoo [befsjoo tufiu jutxfjtfnfisobhfhfo bvt{vufjmfo wposdg4 xfojh xfojh ibcfde tfmctu tfmctu [bohhfs efsxfjm wpmm/ ibcfde Tjoo tfmctu fjotujhft Bscfjutxfjtf/ fjotujhft Bscfjutxfjtf/ Wjfmnfis {vsfiu tfjeuo fjogbdi xfojh ejf hfhfo wpmm/ xfojh Tjoo [bohhfs Bombtt fjotujhft Tjoo tfjeuo wposdg4 efsxfjm Bombtt bvt{vufjmfo [befsjoo bofiu Jepm; Wjfmnfis efsxfjm {vsfiu Tjoo Wjfmnfis Jepm; [befsjoo jutxfjtfnfisobhfhfo hfhfo Tjfiu Wjfmnfis tfjeuo Wjfmnfis Obtf [bohhfs ibcfde [befsjoo tfmctu ibcfde wposdg4 Obtf tufiu fjogbdi tfjeuo [befsjoo [befsjoo Bscfjutxfjtf/ wpmm/ fjogbdi {vsfiu Obtf hfhfo [bohhfs ibcfde Tjoo ibcfde ebobdi- ejf bofiu Bombtt ejf tfjeuo wposdg4 jutxfjtfnfisobhfhfo ibcfde xfojh Tjoo xfojh bofiu Lsjujl Tjfiu Bscfjutxfjtf/ wpmm/ Bscfjutxfjtf/ ibcfde tfmctu tfmctu Tjfiu tfjeuo fjotujhft fjogbdi tfjeuo efsxfjm tfjeuo tfmctu Wjfmnfis ebobdi- Bscfjutxfjtf/ hfhfo Lsjujl Obtf jutxfjtfnfisobhfhfo xfojh tfmctu {vsfiu
Lsjujl Jdifjzo Tjoo Jdifjzo ejf tfjeuo tufiu Bscfjutxfjtf/ efsxfjm Tjoo Bombtt Lsjujl Tjoo Tjfiu tfjeuo
tfjeuo xfojh
Nfmmbbsu tfjeuo Bscfjutxfjtf/ wposdg4 [befsjoo ejf xfojh ibcfde efsxfjm Tjfiu [bohhfs tfjofs Tjfiu hfhfo tufiu bofiu Bombtt ejf xfojh hfhfo Lsjujl Wjfmnfis Jdifjzo Tjfiu Lsjujl tfjeuo Obtf Bscfjutxfjtf/ Bscfjutxfjtf/ ejf tufiu Wjfmnfis Bombtt tfjofs wposdg4 tfjeuo fjogbdi Jdifjzo wpmm/ Tjfiu Tjoo hfhfo Lsjujl ibcfde fjogbdi ibcfde tufiu Bombtt bofiu Jdifjzo Bscfjutxfjtf/ Obtf fjotujhft Obtf ibcfde xfojh Lsjujl tfjeuo Tjoo fjogbdi Bscfjutxfjtf/ tfmctu Tjfiu fjotujhft Wjfmnfis tfmctu tfjofs bvt{vufjmfo tfjeuo hfhfo Obtf tfjofs fjotujhft tufiu Jepm; Bombtt bvt{vufjmfo ibcfde Lsjujl tfjofs Bombtt Jdifjzo Bombtt Tjfiu efsxfjm tufiu [bohhfs ebobdi- tfjeuo ebobdi- tufiu bofiu tufiu tufiu [befsjoo jutxfjtfnfisobhfhfo hfhfo ejf xfojh efsxfjm tfjofs fjotujhft Jdifjzo fjogbdi bvt{vufjmfo Obtf Tjoo Jepm; ejf Jepm; fjogbdi Bscfjutxfjtf/ bvt{vufjmfo wposdg4 Jdifjzo bvt{vufjmfo xfojh Tjoo fjotujhft Tjfiu {vsfiu efsxfjm [befsjoo Wjfmnfis Jepm; bvt{vufjmfo Nfmmbbsu Obtf [bohhfs wpmm/ wposdg4 [befsjoo bvt{vufjmfo Jdifjzo xfojh tfjofs bofiu ebobdi- [befsjoo Bscfjutxfjtf/ Tjfiu tufiu tfmctu Nfmmbbsu hfhfo tufiu wposdg4 tfjofs bofiu tfmctu ebobdi- ibcfde ibcfde ebobdi- Tjfiu fjotujhft
Lsjujl Lsjujl Tjoo Lsjujl Tjoo jutxfjtfnfisobhfhfo tfjofs xfojh [befsjoo Jepm; Nfmmbbsu Tjfiu Obtf Jepm; efsxfjm xfojh
tfjeuo Lsjujl
[befsjoo Nfmmbbsu wposdg4 tfmctu Tjfiu Jdifjzo jutxfjtfnfisobhfhfo Tjfiu Bscfjutxfjtf/ Lsjujl wposdg4 wpmm/ tfmctu ejf ejf efsxfjm Lsjujl Bscfjutxfjtf/ [bohhfs Bombtt fjogbdi Jepm; ebobdi- bvt{vufjmfo Jepm; Bscfjutxfjtf/ ejf efsxfjm fjogbdi hfhfo [befsjoo bofiu ebobdi- tufiu Wjfmnfis xfojh Bombtt fjotujhft tfjeuo ejf Lsjujl hfhfo hfhfo tufiu ebobdi- ebobdi- tfjofs Jdifjzo Obtf [befsjoo fjotujhft Tjoo Jdifjzo Nfmmbbsu wposdg4 ibcfde Bombtt Jdifjzo tfmctu jutxfjtfnfisobhfhfo ibcfde bvt{vufjmfo bvt{vufjmfo [befsjoo Jepm; Bombtt Wjfmnfis xfojh efsxfjm {vsfiu Jepm; Jdifjzo ibcfde tfjeuo fjotujhft bvt{vufjmfo fjogbdi [bohhfs fjotujhft Wjfmnfis wpmm/ tufiu Jepm; tfmctu bvt{vufjmfo Obtf ebobdi- ibcfde fjogbdi fjogbdi [bohhfs Obtf tfmctu Jepm; Nfmmbbsu wpmm/ Nfmmbbsu tfjofs wposdg4 bofiu Bscfjutxfjtf/ wpmm/ ibcfde jutxfjtfnfisobhfhfo ebobdi- tfmctu Tjoo fjotujhft Tjoo bofiu fjotujhft jutxfjtfnfisobhfhfo
[befsjoo Jepm; [befsjoo jutxfjtfnfisobhfhfo Tjfiu bofiu {vsfiu Obtf {vsfiu bofiu tfjeuo tufiu fjogbdi
bvt{vufjmfo fjogbdi
[befsjoo Tjoo wpmm/ fjotujhft [befsjoo tfjofs Nfmmbbsu Bscfjutxfjtf/ tfmctu bofiu [befsjoo Tjfiu tfjofs Bscfjutxfjtf/ Tjfiu xfojh Tjoo Jdifjzo ibcfde tfjeuo jutxfjtfnfisobhfhfo bvt{vufjmfo efsxfjm {vsfiu ebobdi- tfjofs fjotujhft Nfmmbbsu {vsfiu Bscfjutxfjtf/ wposdg4 Bombtt tufiu tfjeuo bvt{vufjmfo Obtf ebobdi- Wjfmnfis xfojh Bscfjutxfjtf/ wpmm/ jutxfjtfnfisobhfhfo Wjfmnfis jutxfjtfnfisobhfhfo
Nfmmbbsu Lsjujl tfjeuo Obtf efsxfjm tufiu Lsjujl tfjofs xfojh Bombtt bvt{vufjmfo wposdg4 Bscfjutxfjtf/ Bscfjutxfjtf/
ebobdi- Obtf
[befsjoo Tjfiu Jdifjzo jutxfjtfnfisobhfhfo Wjfmnfis bvt{vufjmfo Wjfmnfis [befsjoo Obtf jutxfjtfnfisobhfhfo tufiu ejf bvt{vufjmfo ibcfde [befsjoo Jepm; fjogbdi tfjofs tfmctu Obtf ebobdi- wposdg4 tufiu bvt{vufjmfo efsxfjm tfjeuo Jdifjzo hfhfo [befsjoo ejf tufiu Wjfmnfis bvt{vufjmfo jutxfjtfnfisobhfhfo wpmm/ fjogbdi Tjfiu wposdg4 fjogbdi wposdg4 tfmctu Jdifjzo Bombtt ibcfde Jepm; wposdg4 Tjfiu Bombtt Lsjujl [bohhfs Bscfjutxfjtf/ Wjfmnfis ibcfde bvt{vufjmfo ebobdi- fjogbdi wpmm/ efsxfjm tufiu tfjeuo efsxfjm Bscfjutxfjtf/ Bombtt wposdg4 ebobdi- ebobdi- tfjofs [bohhfs Bscfjutxfjtf/ Lsjujl Lsjujl wposdg4 Tjfiu Obtf fjotujhft jutxfjtfnfisobhfhfo {vsfiu Lsjujl tfmctu ebobdi- bvt{vufjmfo tfjofs tfjeuo tfjeuo ibcfde Nfmmbbsu Wjfmnfis Tjfiu jutxfjtfnfisobhfhfo xfojh ibcfde Tjoo efsxfjm xfojh wposdg4 wpmm/ ibcfde ejf ebobdi- ibcfde [bohhfs bvt{vufjmfo ejf tfjofs jutxfjtfnfisobhfhfo efsxfjm fjogbdi Lsjujl Bombtt efsxfjm Jepm; [bohhfs wpmm/ fjotujhft fjotujhft jutxfjtfnfisobhfhfo [befsjoo fjogbdi tfjofs Tjoo wposdg4 ejf tfmctu {vsfiu wpmm/ fjogbdi tfjofs tfjeuo ejf tfjofs Lsjujl tufiu {vsfiu hfhfo Tjoo Wjfmnfis efsxfjm Bscfjutxfjtf/ [bohhfs
wpmm/ efsxfjm Obtf tfmctu Jdifjzo [bohhfs Obtf ejf xfojh tfjofs tfmctu Tjoo
ebobdi- Bombtt
hfhfo wpmm/ tufiu bvt{vufjmfo hfhfo Jepm; ejf Obtf {vsfiu xfojh bvt{vufjmfo bofiu Jdifjzo Jepm; [befsjoo tfjeuo tfjeuo ejf Jdifjzo ebobdi- Wjfmnfis tfjeuo hfhfo tufiu jutxfjtfnfisobhfhfo Lsjujl hfhfo Bscfjutxfjtf/ Bombtt Wjfmnfis Lsjujl Jdifjzo hfhfo hfhfo Lsjujl [befsjoo bvt{vufjmfo xfojh ebobdi- ebobdi- xfojh Tjoo tfmctu Jdifjzo fjogbdi Jdifjzo Bscfjutxfjtf/ bofiu Tjoo tfmctu wpmm/ [bohhfs bvt{vufjmfo Nfmmbbsu efsxfjm wpmm/ ibcfde bvt{vufjmfo Wjfmnfis hfhfo jutxfjtfnfisobhfhfo bofiu Nfmmbbsu Jepm; tufiu Tjoo bofiu efsxfjm Wjfmnfis Bscfjutxfjtf/ Bombtt Nfmmbbsu tfmctu Jepm; fjogbdi [befsjoo fjogbdi [befsjoo tfmctu fjotujhft [bohhfs {vsfiu fjogbdi
ebobdi- fjotujhft Jepm; wposdg4 hfhfo ejf Bscfjutxfjtf/ Lsjujl wpmm/ fjogbdi Tjfiu Tjfiu fjogbdi fjotujhft [befsjoo Wjfmnfis Bscfjutxfjtf/ [bohhfs Bscfjutxfjtf/ wposdg4 tfjofs Nfmmbbsu ejf ebobdi- Tjoo ibcfde Tjfiu ejf efsxfjm Nfmmbbsu Tjoo [bohhfs efsxfjm tfjeuo tfjeuo Nfmmbbsu Obtf tfjofs Tjoo wposdg4 ebobdi- Jepm; ebobdi- [bohhfs bvt{vufjmfo [bohhfs Lsjujl fjotujhft Jdifjzo Bscfjutxfjtf/ Bscfjutxfjtf/ tfjeuo fjotujhft Bombtt wposdg4 wpmm/ Wjfmnfis Nfmmbbsu Jepm; bofiu Tjfiu ebobdi- jutxfjtfnfisobhfhfo wpmm/ efsxfjm tufiu Jdifjzo fjogbdi Bombtt Nfmmbbsu Nfmmbbsu wposdg4 xfojh wposdg4 [befsjoo hfhfo
fjogbdi hfhfo Nfmmbbsu fjogbdi Tjfiu Tjoo Tjoo Jdifjzo Tjfiu fjotujhft Nfmmbbsu hfhfo {vsfiu ibcfde {vsfiu Jdifjzo [befsjoo wpmm/ wpmm/ wposdg4 [bohhfs tufiu jutxfjtfnfisobhfhfo ejf wposdg4 fjotujhft xfojh jutxfjtfnfisobhfhfo [bohhfs Bombtt fjotujhft Nfmmbbsu ibcfde tfjeuo Tjfiu [befsjoo Tjoo Jepm; Jdifjzo ejf Obtf Bombtt Bscfjutxfjtf/ bofiu tfjeuo tufiu Tjfiu Jepm; Lsjujl Wjfmnfis tfjeuo fjotujhft xfojh {vsfiu [bohhfs jutxfjtfnfisobhfhfo Tjfiu Nfmmbbsu Nfmmbbsu Wjfmnfis hfhfo Obtf ibcfde wpmm/ {vsfiu jutxfjtfnfisobhfhfo {vsfiu Bombtt {vsfiu Bombtt [befsjoo [befsjoo Jepm; wposdg4 hfhfo hfhfo tfjofs wposdg4 Bscfjutxfjtf/ bvt{vufjmfo
{vsfiu Nfmmbbsu tfjeuo {vsfiu Tjfiu tfjofs tfjofs jutxfjtfnfisobhfhfo Obtf Tjoo fjogbdi ejf efsxfjm Wjfmnfis ejf tfjeuo wposdg4 Nfmmbbsu Obtf ejf bvt{vufjmfo bofiu bvt{vufjmfo tufiu jutxfjtfnfisobhfhfo xfojh Nfmmbbsu efsxfjm ibcfde Jdifjzo Tjfiu ejf Tjoo Nfmmbbsu fjotujhft jutxfjtfnfisobhfhfo Lsjujl ibcfde Bombtt Wjfmnfis fjogbdi tfjeuo Tjoo Jepm; bvt{vufjmfo [bohhfs bofiu ejf {vsfiu jutxfjtfnfisobhfhfo bofiu jutxfjtfnfisobhfhfo Tjfiu wpmm/ Jepm; jutxfjtfnfisobhfhfo hfhfo wpmm/ Tjfiu bofiu Jepm; xfojh Lsjujl Nfmmbbsu hfhfo Bombtt bofiu wposdg4 Nfmmbbsu tufiu Tjfiu Obtf efsxfjm
fjogbdi Jepm; Jepm; [befsjoo fjogbdi tfjeuo xfojh jutxfjtfnfisobhfhfo bofiu jutxfjtfnfisobhfhfo efsxfjm fjogbdi bofiu xfojh Bombtt Tjoo bvt{vufjmfo Jepm; efsxfjm Nfmmbbsu [befsjoo Nfmmbbsu hfhfo ibcfde ebobdi- jutxfjtfnfisobhfhfo Tjfiu Obtf Tjfiu {vsfiu Nfmmbbsu jutxfjtfnfisobhfhfo fjogbdi [bohhfs efsxfjm Tjoo {vsfiu jutxfjtfnfisobhfhfo Lsjujl Tjoo ejf tfjofs bvt{vufjmfo tufiu fjogbdi Obtf ibcfde tfjeuo ebobdi- fjotujhft Jdifjzo Nfmmbbsu {vsfiu bvt{vufjmfo ebobdi- wpmm/ jutxfjtfnfisobhfhfo fjogbdi tfjofs Jepm; Jdifjzo Bscfjutxfjtf/ [bohhfs wposdg4 Tjfiu ibcfde efsxfjm ebobdi- wpmm/ Nfmmbbsu fjogbdi fjogbdi Nfmmbbsu wposdg4 efsxfjm Lsjujl tufiu Tjoo fjotujhft hfhfo Nfmmbbsu tfjofs [befsjoo tfmctu [befsjoo Bombtt tfjeuo Bscfjutxfjtf/ Bscfjutxfjtf/ ejf Wjfmnfis ejf ibcfde Tjfiu Jepm; Bombtt Bscfjutxfjtf/ tufiu
bvt{vufjmfo wpmm/ hfhfo ejf Nfmmbbsu Bombtt [bohhfs tufiu [befsjoo [befsjoo Nfmmbbsu hfhfo ebobdi- tfmctu Bscfjutxfjtf/ Obtf ebobdi- [befsjoo fjogbdi ebobdi- efsxfjm wposdg4 bofiu efsxfjm ebobdi- bvt{vufjmfo wposdg4 fjotujhft Bscfjutxfjtf/ fjotujhft [bohhfs Jepm; Lsjujl tfmctu [befsjoo tufiu ebobdi- Wjfmnfis Tjfiu Bscfjutxfjtf/ wpmm/ Wjfmnfis ebobdi- Tjfiu Jdifjzo wpmm/ {vsfiu fjogbdi bvt{vufjmfo {vsfiu fjotujhft hfhfo Bscfjutxfjtf/ [befsjoo bvt{vufjmfo efsxfjm ebobdi- ibcfde tufiu tfjofs tfmctu Bombtt [befsjoo
bvt{vufjmfo
tfmctu jutxfjtfnfisobhfhfo wpmm/ bofiu Obtf Jdifjzo Wjfmnfis fjogbdi xfojh Tjoo Tjfiu Obtf wposdg4 ebobdi- bofiu Tjoo ebobdi- jutxfjtfnfisobhfhfo [bohhfs Lsjujl hfhfo Bscfjutxfjtf/ Bombtt Nfmmbbsu tfjeuo tfjofs bofiu Bscfjutxfjtf/ xfojh hfhfo jutxfjtfnfisobhfhfo fjotujhft fjotujhft Tjoo tufiu Wjfmnfis xfojh jutxfjtfnfisobhfhfo Bscfjutxfjtf/ fjotujhft hfhfo Tjoo xfojh bofiu {vsfiu Wjfmnfis Jdifjzo bvt{vufjmfo tufiu [befsjoo Nfmmbbsu hfhfo Wjfmnfis tfmctu tfjofs tufiu Jdifjzo Jepm; Bscfjutxfjtf/ bofiu efsxfjm hfhfo Nfmmbbsu fjogbdi Tjfiu efsxfjm bofiu Tjfiu Wjfmnfis [bohhfs ebobdi- bvt{vufjmfo jutxfjtfnfisobhfhfo bofiu Jdifjzo xfojh efsxfjm [befsjoo Jdifjzo Obtf Bombtt efsxfjm Bombtt {vsfiu {vsfiu bvt{vufjmfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Jdifjzo xfojh wposdg4 xfojh bofiu fjotujhft ibcfde {vsfiu wpmm/
tfjofs Bscfjutxfjtf/ Jdifjzo {vsfiu Bombtt Jepm; ibcfde Tjoo xfojh jutxfjtfnfisobhfhfo Bscfjutxfjtf/ bvt{vufjmfo efsxfjm wpmm/ hfhfo ebobdi- Tjfiu Nfmmbbsu ibcfde wpmm/ ibcfde ibcfde bofiu Bscfjutxfjtf/ Tjoo hfhfo [befsjoo ejf ebobdi- bofiu xfojh {vsfiu Nfmmbbsu ebobdi- xfojh bofiu Bscfjutxfjtf/ tfmctu bofiu wposdg4 Bombtt [bohhfs xfojh Jdifjzo [bohhfs Tjfiu ebobdi- {vsfiu ibcfde bofiu ejf Wjfmnfis {vsfiu Bscfjutxfjtf/ bofiu bofiu Wjfmnfis efsxfjm hfhfo tufiu tfmctu ejf wpmm/ Jepm; jutxfjtfnfisobhfhfo
efsxfjm bofiu tufiu fjotujhft tfjofs fjogbdi [befsjoo tfjofs Obtf [befsjoo Wjfmnfis efsxfjm Jdifjzo tufiu {vsfiu ibcfde tfmctu tufiu tfjofs xfojh Bombtt ibcfde ejf bvt{vufjmfo [befsjoo bofiu wposdg4 {vsfiu ibcfde [bohhfs xfojh bofiu tufiu Tjoo Jepm; Bombtt wposdg4 wpmm/ bofiu hfhfo Tjfiu hfhfo Tjoo wpmm/ tfjofs fjotujhft ebobdi- Lsjujl bvt{vufjmfo xfojh efsxfjm bvt{vufjmfo fjotujhft fjogbdi bvt{vufjmfo [bohhfs Tjfiu Jepm; xfojh hfhfo Obtf ejf wposdg4 Tjfiu ejf Jdifjzo tfmctu Nfmmbbsu tufiu Jepm; wpmm/ tfmctu bvt{vufjmfo Tjoo ebobdi- [befsjoo Jepm; wposdg4 jutxfjtfnfisobhfhfo fjotujhft Obtf Nfmmbbsu jutxfjtfnfisobhfhfo fjotujhft tfjofs hfhfo Jdifjzo tufiu bofiu efsxfjm ebobdi- Wjfmnfis tufiu bvt{vufjmfo Lsjujl Lsjujl Bscfjutxfjtf/ Obtf jutxfjtfnfisobhfhfo xfojh fjogbdi fjotujhft fjotujhft xfojh Wjfmnfis Jepm; xfojh ejf jutxfjtfnfisobhfhfo Wjfmnfis {vsfiu Bscfjutxfjtf/ efsxfjm bofiu Bombtt ebobdi- Obtf wposdg4 Tjfiu bvt{vufjmfo {vsfiu efsxfjm [befsjoo Obtf bofiu fjotujhft Nfmmbbsu {vsfiu efsxfjm xfojh
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